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IMF concerned about US economy

The International Monetary Fund (IMF) has today issued a rather downbeat assessment of the US economy and in particular the US budget deficit. In a direct appeal to the US government, the IMF believes it is now time to increase taxes in the US and reduce social security benefits as a way of reining in what is a significant budget deficit. There is also the problem of public debt which is beginning to have an impact upon the short to medium-term performance of the US economy.

The IMF has forecast US economic growth of around 3.3% for 2010 although rather alarmingly it does not believe that economic growth will top 3% in the five years from 2011. When you consider how influential the US is in relation to the worldwide economy there is growing concerns regarding economic strength in the US in the short to medium term. If the US economy was to stall, which appears someway off but a possibility, this would have a detrimental impact on areas such as the UK.

Whether the Obama government will take heed of the IMF advice is open to debate because historically the US government has very much ignored the advice of overseas counterparts.

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